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Future Prospects And Stock Pricing Of MGM Resorts International (NYSE: MGM)

In the last trading session, 6.09 million shares of the MGM Resorts International (NYSE:MGM) were traded, and its beta was 2.07. Most recently the company’s share price was $40.17, and it changed around -$2.16 or -5.10% from the last close, which brings the market valuation of the company to $14.77B. MGM currently trades at a discount to its 52-week high of $46.37, offering almost -15.43% off that amount. The share price’s 52-week low was $26.41, which indicates that the current value has risen by an impressive 34.25% since then. We note from MGM Resorts International’s average daily trading volume that its 10-day average is 4.22 million shares, with the 3-month average coming to 4.38 million.

MGM Resorts International stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.20. If we narrow it down even further, the data shows that 0 out of 19 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 6 recommended MGM as a Hold, whereas 11 deemed it a Buy, and 0 rated it as Underweight. MGM Resorts International is expected to report earnings per share of $0.47 for the current quarter.

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MGM Resorts International (NYSE:MGM) trade information

Instantly MGM has showed a red trend with a performance of -5.10% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of 43.19 on Tuesday, 05/23/23 increased the stock’s daily price by 6.99%. The company’s shares are currently up 19.80% year-to-date, but still down -2.38% over the last five days. On the other hand, MGM Resorts International (NYSE:MGM) is -10.23% down in the 30-day period. We can see from the shorts that 7.05 million shares have been sold at a short interest cover period of 1.87 day(s).

The consensus price target as assigned by Wall Street analysts is $57.46, which translates to bulls needing to increase their stock price by 30.09% from its current value. Analyst projections state that MGM is forecast to be at a low of $46.90 and a high of $75.00. In order for the stock price to hit the forecast high, the stock would need to plunge -86.71% from its current level, while the stock would need to crash -16.75% from its current level to reach the projected low.

MGM Resorts International (MGM) estimates and forecasts

MGM Resorts International share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 9.34 percent over the past six months and at a -45.85% annual growth rate that is well below the industry average of 5.00%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will gain 1,466.70% in revenue this quarter, and will report an increase of 136.70% in the next quarter. The year-over-year growth rate is expected to be 17.70%, up from the previous year.

Consensus estimates provided by 13 financial analysts predict the company will bring in an average of $3.79 billion in revenue for the current quarter. 13 analysts expect MGM Resorts International to make $3.81 billion in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $3.26 billion and $3.42 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 16.00%. Forecasts for the next quarter put sales growth at 11.60%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 30.50%.

MGM Dividends

MGM Resorts International’s next quarterly earnings report is expected to be released around August 01 and August 07. The annual dividend yield of the stock is 0.02 percent and its annual dividend per share was 0.01. It is important to note, however, that the 0.02% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

MGM Resorts International (NYSE:MGM)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 17.95% of MGM Resorts International shares, and 67.92% of them are in the hands of institutional investors. The stock currently has a share float of 82.78%. MGM Resorts International stock is held by 894 institutions, with Vanguard Group, Inc. (The) being the largest institutional investor. By Mar 30, 2023, it held 9.35% of the shares, which is about 34.0 million shares worth $1.51 billion.

Blackrock Inc., with 6.03% or 21.94 million shares worth $974.44 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Price (T.Rowe) Mid Cap Growth Fund and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Dec 30, 2022. The former held 10.5 million shares worth $352.06 million, making up 2.82% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 9.33 million shares worth around $312.75 million, which represents about 2.50% of the total shares outstanding.

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